21 Dec , 2021 By : Kanchan Joshi
The initial public offering (IPO) of footwear retailer Metro Brands Limited was subscribed 3.64 times on the last day of subscription that closed on December 14. The company, which is backed by ace investor and stock market trader Rakesh Jhunjhunwala, had raised over Rs410 crore from anchor investors. The price range for the offer was Rs485-500 per share.
The category for Qualified Institutional Buyers (QIBs) garnered 8.49 times subscription, while those for non-institutional investors 3.02 times and Retail Individual Investors (RIIs) 1.13 times.
As per market observers, Metro Brands shares are available at a discount of Rs65 in the grey market today, indicating a dull listing. The company's shares are expected to list leading stock exchanges BSE and NSE on Wednesday, December 22, 2021.
The initial public offer (IPO) had a fresh issue of Rs295 crore and an offer for sale of up to 2,14,50,100 equity shares. The proceeds from the fresh issue will be utilised towards expenditure for opening new stores of the company, under the 'Metro', 'Mochi', 'Walkway' and 'Crocs' brands and for general corporate purposes.
At present, Metro Brands has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. Metro Brands had the 3rd highest number of exclusive retail outlets in India, in fiscal 2021.
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